Vision Marine Technologies Inc. (NASDAQ: VMAR) has reported double-digit sequential revenue growth for its fiscal third quarter and the completion of a $16.3 million at-the-market equity offering program, marking significant progress in its strategy to advance E-Motion™ commercialization, expand its electric boat portfolio, and optimize its retail, marina, and service platform.
For the fiscal third quarter ending May 31, Vision Marine posted revenue of $18.4 million, up about 27% from $14.5 million in the fiscal second quarter. For the first nine months of fiscal 2026, revenue was $48.6 million, compared with $0.4 million during the same period in the prior year, primarily reflecting the contribution from the acquisition of Nautical Ventures, a Florida-based retail and service platform acquired in June 2025.
Gross profits for the first nine months were $11.8 million, representing a gross margin of 24.3%, compared with a gross loss in the year-earlier period. Inventory during the quarter declined about 44% to $20.7 million, while floorplan financing declined about 69% to $10.2 million. The company ended the quarter with $2.4 million in cash.
“The third quarter reflects the progress we have been working toward across revenue generation, working capital management and capital efficiency,” said Alexandre Mongeon, Chief Executive Officer and Co-Founder of Vision Marine. “Our expanded operating platform is beginning to demonstrate how stronger commercial execution and disciplined capital management can reinforce one another.”
During the quarter, Vision Marine also expanded its recurring and repeat-revenue activities across marina operations, service, storage, rentals, boat club memberships, and aftersales support. The company believes these activities can increase customer engagement throughout the boating lifecycle and support a more diversified business model beyond individual boat sales.
Separately, Vision Marine announced the successful completion of its at-the-market equity offering program, originally announced on January 23, 2026, raising $16.3 million in aggregate gross proceeds. Following completion of the ATM program and final settlement, Vision Marine has about 6.5 million common shares outstanding and approximately $9.5 million of unrestricted consolidated cash.
The completion of the ATM program coincides with agreements to sell three non-core commercial properties in Florida for a total of $13.1 million in aggregate gross proceeds. The company is selling the real estate to optimize its Florida footprint. Combined, these actions position Vision Marine to execute its operational priorities while maintaining financial flexibility for future growth initiatives.
“Completing the ATM program, together with the expected non-dilutive capital from our pending real estate transactions, strengthens the foundation from which we can continue executing our strategy,” says Mongeon. “Building on the operational progress achieved over the past year, we remain firmly focused on advancing E-Motion commercialization, expanding our electric boat portfolio, optimizing our retail, marina and service platform and building a more scalable foundation for the future of boating.”
With a stronger third quarter and improved cash position, Vision Marine Technologies is executing on its strategy to advance E-Motion commercialization, expand its electric boat portfolio, and boost shareholder value. The company's E-Motion 180e electric propulsion system is a fully integrated, high-voltage electric powertrain designed to replace traditional internal combustion engines on recreational boats.
